News Release

WYOMISSING, Pa.--(BUSINESS WIRE)--Aug. 22, 2005--The Specialty
Alloys Operations unit of Carpenter Technology Corporation (NYSE:CRS)
has announced that it will increase base prices 10 percent on all
precipitation hardening stainless steels in strip form, effective
September 1st for all new orders. Raw material surcharges will remain
in effect.

Carpenter said that the price increases are necessary to recover
increased costs associated with materials, freight, supplies and
energy.

Carpenter Technology, based in Wyomissing, Pa., is leading
manufacturer and distributor of specialty alloys and engineered
products. More information about Carpenter and Specialty Alloys
Operations is available at www.cartech.com.